Punjab Government has increased the rate of VAT on all goods in Punjab by 0.5% under the Punjab VAT Act, 2005 w.e.f 03-09-2012.
Thus the rate of tax on all the goods stand increased by 0.5% w.e.f 03-09-2012. For example in case of goods mentioned under Schedule B rate of tax would be now @ 5.5% and after adding surcharge @ 10% the rate of tax would be 6.05%.
Similarly in case of items taxable @ 12.5% earlier, rate of tax now will be @ 13% and after adding surcharge the rate of tax would be 14.30%.
The rate of tax on declared goods which are mentioned under schedule C-I also stands increased to 4.5% and after adding surcharge @ 10%, the rate of tax on declared goods under schedule C-I would be 4.95%.
However on wheat, paddy and rice which are already mentioned under schedule B, rate of tax would be 5% only and no surcharge would be applicable on wheat, paddy and rice as the maximum ceiling rate of tax on declared goods under CST Act, 1956 is 5%.
VAT on sugar has also been withdrawn w.e.f 03-09-2012
The relevant public notice confirming the same is as follows:
Download the public notice in PDF format by clicking herebelow:
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